10. Non-Bank Financial Services The non‐banking financial sector has witnessed several legislative and institutional developments. Therefore, it plays a great role in economic growth with regard to providing various sources of finance and broadening the base of the beneficiaries of the non‐banking financial service sector. In the context of implementing Phase Two of the non‐banking financial services sector reform program, FY2008/2009 has witnessed the endorsement of Law No. 10 of 2009 on organising control over markets and non‐banking financial instruments. The law states that control over the non‐banking financial services should be unified within the Egyptian Financial Supervisory Authority (EFSA) to enhance the institutional development of the non‐banking financial service markets, and improving supervision over non‐banking financial activities. This new body is to replace the Egyptian Insurance Supervisory Authority, the Capital Market Authority, and the Egyptian Mortgage Finance Authority. The new body, which was enacted on July 1, 2009, acts as the main authority responsible for financial leasing.
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